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Agricultural product prices by William G. Tomek, Harry M. Kaiser

By William G. Tomek, Harry M. Kaiser

Published always considering the fact that 1972, Agricultural Product Prices has develop into the normal textbook and reference paintings for college students in agricultural and utilized economics, dealers and dealers of commodities, and policymakers, truly explaining conceptual and empirical versions acceptable to agricultural product markets. the recent 5th version makes use of updated info and versions to provide an explanation for the habit of agricultural product costs. subject matters comprise expense variations over marketplace degrees (marketing margins), fee adjustments over area (regionally and the world over) and through caliber attributes, and value variability with the passage of time (seasonal and cyclical adaptations, traits, and random behavior).

William G. Tomek and Harry M. Kaiser assessment and adapt microeconomic ideas to the features of agricultural commodity markets after which observe those ideas to a few of the dimensions of expense habit. additionally they offer an in-depth dialogue of costs validated for futures contracts and their courting to funds (spot) marketplace costs; disguise the influential roles of expense discovery associations, equivalent to auctions and negotiated contracts, and executive rules regulating alternate and farms; and speak about the specification, use, and assessment of empirical types of agricultural costs, putting emphasis at the demanding situations of doing top quality, beneficial analyses and examining results.

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For example, an upward trend in chicken consumption is not necessarily dependent on a shift in preferences toward chicken. Growers produced more chicken, in part, because of technological changes, which lowered the costs of chicken production. Thus, the supply function for chicken shifted to the right (supply is discussed in the next chapter), and the consequence has been an upward trend in the availability (hence, the consumption of) chicken. Thus, the increased consumption of chicken may be a consequence of both supply and demand factors and is not necessarily dependent on a shift in preferences.

These higher-quality products, with more services, usually cost more. Thus, the expenditure change in response to an income change includes a quality-service effect as well as a quantity effect. Estimated expenditure elasticities for two commodity groups plus total food are plotted against household income in Figure 3-2. Although based on older data, this figure illustrates how elasticities may vary with income levels; that is, the expenditure elasticities for food tend to rise and then decline as income grows.

Kaiser, H. , J. M. Alston, J. M. Crespi, and R. J. Sexton, Editors. 2005. The Economics of Commodity Promotion Programs: Lessons from California. New York: Peter Lang Publishing. Lancaster, K. 1971. Consumer Demand: A New Approach. New York: Columbia Univ. Press. Lutz, S. , D. M. Smallwood, J. R. Blaylock, and M. Y. Hama. 1992. Changes in Food Consumption and Expenditures in American Households During the 1980’s. Econ. Res. Ser. USDA Stat. Bul. 849. , and J. M. Alston. 2011. Demand for Food in the United States.

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